Strata secures $559 million in financing for 1GWh battery energy storage project

Grid-scale energy storage solution provider, Strata Clean Energy (Strata) has secured $559 million in financing from a consortium of leading financial institutions for the construction of its 255MW/1,020MWh Scatter Wash battery storage project in Phoenix, Arizona.

J.P. Morgan and Nomura acted as coordinating lead arrangers supported by U.S. Bancorp Impact Finance and CoBank as coordinating lead arrangers with the Korea Development Bank and Norddeutsche Landesbank as joint lead arrangers. Additionally, Siemens and Regions have also contributed as lenders in this project, expected to be operational in April 2025.

"The successful financing for the Scatter Wash battery storage complex marks a significant step forward in our mission to drive the transition to clean energy," said Markus Wilhelm, Chief Executive Officer of Strata Clean Energy.

"This opportunity to collaborate with our financing partners to bring this critical project to fruition will create a lasting, sustainable impact on a region that struggles with grid challenges and extreme heat."

Strata broke the ground for its 1GWh Scatter Wash battery storage complex earlier in January this year and expects to store enough electricity to power 50,000 Arizona homes during peak summer conditions for 20 years.

"J.P. Morgan is working to provide capital to accelerate the growth of sustainable infrastructure nationwide," said John Beebe, Executive Director, J.P. Morgan Green Economy Banking. "We're very pleased to work alongside Strata to decarbonize our communities and build a more resilient energy future."